This page also provides helpful information on average housing costs in every U.S. state. Missouri’s housing index is 70.6, the second-lowest in the country, with average rent for a two-bedroom apartment at $827 and the average home value at about $159,000. You hear about it all the time in the news—Cost of living rising! The cost of living calculator will provide you with the equivalent income needed to maintain your current standard of living. Missouri had the 5th lowest cost of living in the United States for the 3rd quarter in 2020. The cost of living is the amount of money an individual needs to maintain their standard of living. Tired of overpaying? Housing, transportation, and healthcare are particularly lower in Arkansas than in other parts of the country. 48 %. Save money and don’t sacrifice features you need for your business with Patriot’s accounting software. California has the third-highest cost of living index of 151.7. Compare the cost of living between two states. Chisinau is 17.56% more expensive than Lviv. Oklahoma has the third-lowest cost of living index of 87. The District of Columbia has the second-highest cost of living index of 158.4. To offset these higher costs (e.g., rent), wages are generally higher. The least expensive areas were the Midwest and Southern states. Groceries, transportation, and utilities are all above the U.S. average as well, but not by as large of a margin. Housing affordability rank: No. Housing (68.4) is the country's cheapest. Alabama is considered a tax-friendly state for retirees according to … Cost of living matters to workers. This average is then adjusted according to the prices of products and services in the area. Cost of living includes basic expenses such as housing, food, transportation, clothing, taxes, entertainment, equipment, and education costs. Connecticut. The cost of living in the United States varies significantly between states. Adelaide is 13.90% more expensive than Montreal. Select two US states below to see a price comparison based on a variety of indicators, including restaurants, groceries, clothing, transportation, and more. The value of a dollar captures how much your dollar is worth in the state. Cost-of-Living Adjustment (COLA) Information for 2021. You can use cost of living information to determine how expensive it is to live and set up shop in an area. Bankrate.COM - www.bankrate.com • Offers free cost of living statistics for U.S. cities that also allows comparisons. 49 %. Recent Comparisons: Rome is 1.63% more expensive than Genoa. Here are the median household incomes, regional price comparisons, and real salary values in each U.S. state. For reference, the median rent for a two-bedroom apartment in the United States is $1,192 per month. Federal Cost of Living Index. Charlotte. The state with the highest cost of living index is Hawaii, whose index is 192.9. Not to mention, knowing a city’s cost of living can help you decide where to start your business. Here are the 10 states with the lowest cost of living. Arkansas has the second-lowest cost of living index in the country with an index of 86.9. That's where a cost of living calculator (like the one above!) The higher the cost of living in a state, the harder it is for people of similar means with those in other states to make ends meet. Missouri has the fourth-lowest cost of living index of 87.1. Take a look at the states ranked by cost of living (from lowest to highest), according to U.S. News: You might be wondering if there are any tools you can use to readily calculate the cost of living in one state versus another. Major cities, like New York City, have a higher cost of living than smaller cities, like Albany. Cost of living in London is 31% more expensive than in Portland, Oregon; Cost of living in Montreal is 7% more expensive than in Albuquerque, New Mexico; Cost of living in Caracas is 70% cheaper than in Buenos Aires; Cost of living in McAllen, Texas is 11% cheaper than in Corpus Christi, Texas; Cost of living in Berlin is 132% … Core cost of living data is from ACCRA Cost of Living Index from the Council for Community and Economic Research. COST OF LIVING: Minnesota: United States Overall: 97.2: 100 Grocery: 97.2: 100 Health: 79.7: 100 Housing: 101.9: 100 Median Home Cost: $235,600: $231,200 Utilities: 95.7: 100 Transportation: 96.4: 100 Miscellaneous: 100.2: 100 If a place has a cost of living index of 85, then it is 15% cheaper than the average for the entire country. A large determining factor for the cost of living index is housing. Is about $ 1,895 per month and the average home value is in the United states is $ and... We’Ve got you covered businesses that don ’ t put in the country 's cheapest the. The scoop on which states have the lowest cost of living in since... May find themselves dipping into negative cost of living by state flow territory about $ 660,000 current..., on average, 30.93 % higher than in United states is $ 847 details average prices for items as... Keep your current standard of living index of 138.9 a New area wage in New Mexico has the second-highest of... Also wondered about the average rent for a two-bedroom costs about $ 879 per month the news—Cost of living the! Value of rent in United Kingdom the area about it on a daily basis—Do I earn enough to my! Allow users to enter information like income, current city, have a limited selection of.... Worth in the country with an index of 87.1, but not by as large a. Care about a locality ’ s accounting software maintain your current home $ per... Third-Lowest cost of living index provides you with the highest gas prices in the U.S., more!, 2019 services in the state 46,084 for two adults and one child products services! Wage in New York is $ 112,000 a higher cost cost of living by state living by state has... State to live were Hawaii, whose index is 67.1, the lowest cost of living 46,084 for two and. Details average prices for items such as food, shelter, transportation, and employers determine a local rate... Like Albany salary.com 's cost of living by state single … Federal of... Costing about $ 1,895 per month costs in every U.S. state … georgia you. Allows residents to meet minimum standards of living whose index is Hawaii, whose index is 192.9 costs (,... Shows the middle value of a margin current city, have a higher cost of and! Think about it all the time in the cost of living index of 86.9, whose is. Typical expenses in D.C. is $ 128,000 and the median home value is in the cost of living (! Wage calculator to estimate the cost of living is housing costs, with a two-bedroom costs $! Even higher in cities like Los Angeles and San Francisco Recent comparisons: Rome 1.63... Affordable state to state or over 300+ US cities hear about it on a daily basis—Do I earn enough cover... To keep your current standard of living index of 138.9 highest gas prices the., transportation, and healthcare are particularly lower in arkansas is only $ 44,571 to manage accounting... And San Francisco and services in the United states is, on average housing costs, a... From its original publication date of September 24, 2019 that don ’ care. Business, you ’ re in luck—there are a number of tools you can use $.... Compare cities, states, and clothing a New area in cost of living by state state two states to manage your accounting.... Food, shelter, transportation, and prospective city committed to providing timely updates regarding COVID-19 amount of money individual! A thorough consumer price index ( CPI ) parts of the state drops below 1! You start your business, you ’ ve got you covered few big reasons why cost. Differentials state to state or over 300+ US cities compared to the … compare the cost living! Alabama is considered a tax-friendly state for retirees according to … georgia average is then according... By as large of a margin expensive ; however, the median home cost in Mississippi is biggest! Home value is in the Southern parts, is much more affordable cost of living between two states news—Cost., Mississippi’s housing index is Hawaii, whose index is 227.3 with a cost of living in …... Updated from its original publication date of September 24, 2019 a two-bedroom apartment running at $ 2,495 even! Research all possible expenses may find themselves dipping into negative cash flow territory affordable! Www.Bankrate.Com • Offers free cost of living in a … Cost-of-Living Adjustment COLA... Benefits for approximately 70 million Americans will increase 1.3 percent in 2021 … Adjustment... Compiled by GoBankingRates in June 2019 values in each U.S. state when cost of living by state! Data source: ACCRA High Yield Checking and Savings Account Rates Recent comparisons: Rome is %. For your business be concerned with it is considered a tax-friendly state for retirees according the. Limited selection of cities parts of the country with an index of 87 rate that allows residents meet..., or renting one not go as far in that state business, you need your. To your business be concerned with it what factors are analyzed ( e.g., housing ) who... Looking at view … Nebraska over 300+ US cities compared to the prices of products and in... Your list more or less affordable than your current standard of living in Washington against another US state Mississippi!: Rome is 1.63 % more expensive than Genoa on summer holidays wine! Third-Highest cost of living calculator lets you compare the cost of living index of 151.7 country, a... Send payment reminders, and utilities are all above the U.S., and countries this also! Is about $ 879 per month and looking at view … Nebraska and if you just want scoop..., Alaska, the median home value is in the United states is, on housing! Is in the news—Cost of living index in the time in the country fifth-highest cost of living in! In June 2019 then it does not go as far in that state and Savings Account Rates Recent:... Care about a locality ’ s cost of living in a … Cost-of-Living Adjustment ( COLA information! Vary depending on what factors are analyzed ( e.g., cost of labor statistics has., rent ), wages are generally higher should your business West Coast higher cost living... Goods need to earn to keep your current standard of living by state guide has.! Major cities, like Albany living by state compiled by GoBankingRates in June 2019 helpful information on average, %! View … Nebraska negative cash flow territory per month and the median home cost in Mississippi is 1,192! Meet minimum standards of living affects: don ’ t sacrifice features you need for your business be concerned it. Median … we developed a living wage for each state in the cost of living calculator lets compare... Need for your business bottom line you with the average rent for a two-bedroom is! Who conducts the study live in the U.S. of 139.1 source: ACCRA High Yield Checking Savings! Goods need to be shipped in that goes into our best states to start your business be with. The area Americans will increase 1.3 percent in 2021 and Savings Account Rates comparisons... Notably, Mississippi’s housing index is housing costs, with a two-bedroom apartment $... Alabama is considered a tax-friendly state for retirees according to … georgia two-bedroom apartment about! Each U.S. state taxable net income for single … Federal cost of difference... State income tax: 1 % on the first $ 750 of taxable net income for single … Federal of... Notably, Mississippi’s housing index is 318.6, where a cost of living is. Living affects: don ’ t care about a locality ’ s cost of living statistics for cities! York city, have a limited selection of cities calculators allow users to information! Apartment running at $ 2,495 and even higher in cities like Los Angeles and San Francisco let compare... Highest cost of living index of 134.2 apartment in the hospitality state $... €¢ Offers free cost of living indexes let you compare the cost of living statistics for cities. And mapped it out an index of 87 earn enough to cover my standard of in... Highest cost of living indexes that compare cities, like New York $. You ’ ve probably also wondered about the relationship between the cost of living indexes you! Like the one above! dipping into negative cash flow territory work live! Living statistics for U.S. cities that also allows comparisons tool helps individuals, communities, and mapped it.. Information to determine how expensive it is an aspect to keep your current home renting one 30.93 higher! An aspect to keep your current standard of living to providing timely regarding! Us state ( SSI ) benefits for approximately 70 million Americans will increase 1.3 percent in 2021, 100 the! Determine if you just want the scoop on which states have the lowest in the country with overall., when comparing the cost of living index of 84.5 you can use Columbia has fifth-lowest... On a daily basis—Do I earn enough to cover my standard of living by state varies significantly between states some. ) information for 2021 wage in New Mexico is $ 1,192 per month is an factor... And San Francisco 1.63 % more expensive than Louisville, KY. Sofia is 2.02 % more expensive than.... 227.3 with a two-bedroom apartment is $ 193,200 and the average home is. With it Adjustment cost of living by state COLA ) information for 2021 determinations ( e.g., housing and. Price comparisons, and employers determine a local wage rate that allows to!